Norway's Wealth Fund Buys Property in Paris for $473 Million

Photographer: Simon Dawson/Bloomberg

Norway’s sovereign wealth fund agreed to buy an office property in central Paris for 415.5 million euros ($473 million) as it continues to expand its global real estate holdings.

The fund agreed to buy a 100 percent interest in the property at 54-56 rue la Boetie in central Paris, Norges Bank Real Estate Management said. The purchase was made in cash.

The seller of the property is IGIS Global Private Placement Real Estate Fund Number 37-1, a South Korean mutual fund. The property is made up of 20,400 square meters of office space.

Source: Bloomberg.com